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Question 48 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 2 of +2- Part-
Q-48 - CH-2 - Usha +2 Book 2018 - Solution

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Question 48 Chapter 2 of +2-Part-1

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48. (Profit and loss appropriation a/c) A, B and C are partners in a firm with capital contribution of Rs.1,00,000, Rs.75,000 and Rs.50,000 respectively.
Their partnership agreement provides for the following:
(a) Interest on capital to be allowed @10% p.a.
(b) B and C are each to be paid salaries @ 1,000 p.m.
(c) A is to be paid a commission of 10% of the net profit.
The net profit of the year ended 31st December 2018 was Rs.1,25,000.
Profits are shared equally. You are required to prepare the Profit and Loss appropriation account for the year ended 31st December 2018.

The solution of Question 48 Chapter 2 of +2 Part-1: – 

Profit and Loss Account A/c
Particulars
AmountParticulars
Amount
To Interest on capital – A10,000 By net profit 1,25,000
-B7,500    
-C5,00022,500   
To Salaries – A (1000*12)12,000    
-B (1000*12)12,00024,000   
To Commission (10% on 1,25,000 ) 12,500   
      
To Net profit transferred to Capital a/cs     
-A22,000    
-B22,000    
-C22,00066,000   
  1,25,000  1,25,000

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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